Chapter 11 Bankruptcy Attorney
How does this affect my family?
So I got a notice that my landlord is filing for Chapter 11 bankruptcy. We have a contract rent to own with them but have not changed for rent to buy yet. The owner said that they agreed to "roll" the contract rent for a year before the purchase due to the economy. Now I am receiving the notifications that are breaking. Do you think I'm going to have to move? I have all intend to call a bankruptcy attorney to see what my rights here too I just found out that there is a "co-owner" on my property. I am very nervous about this as I live on a farm of 15 hectares and would have to relocate many animals.
By all means consult an attorney, but do not go overboard. You may have very few rights in law, if necessary. Your best bet is to try to negotiate directly with who is going to end up owning the property at the end of the day. If co-owner can and will pay the debt, he will. Otherwise, the bank that holds the mortgage. A real estate agent who knows the area and / or a lawyer real estate can be your best help here. If you are "lucky" nobody wants the property "immediately" and the bank is happy to continue his contract every month. " Unless you have a business contract that protects your right to hire according to the circumstances of insolvency, in most cases and most states of the bankrupt owners invalidate his claim to use the property. They, however, have to follow state and county laws regarding an order to evacuate. Read your contract carefully. Check state law carefully. I imagine the standard rule of thumb is probably 60 days in advance, provided they are current. But it can be as short as 30 days or 180 days.
Chapter 11 Bankruptcy – Inland Empire Bankruptcy Attorneys – Stone Haven Law Group
